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Tom Hall goes through a sterling week of deals for European ABS, while Thomas Hopkins dissects the dangers that a rise in LMEs would pose for European CLOs
Proposed 10% limit on interest would strip out most of securitizations' excess spread
Implementation necessary after wide-ranging changes last year
It is not enough to just undo some of the European Commission’s more controversial proposals
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The European Central Bank (ECB) is reluctant to give a shorter repo haircut for ABS paper, even for bonds approved for the ‘simple, transparent and standardised’ (STS) regulatory framework, a senior legal counsel for the central bank said during a panel. -
In this round-up, China and the US upped the ante on the rhetorical trade war, the Ministry of Finance transferred its shares in two state-owned banks to a national social security fund and the Hangzhou city government is sending 100 of its staff to private companies.
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The Bank of England prides itself on its magisterial oversight of the UK's banking sector. But Metro Bank is going to give it some thorny dilemmas in the coming months that will test its silky skills.
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The failure by Metro Bank, the UK challenger bank, to issue a £250m senior non-preferred bond this week throws the spotlight on the Bank of England, which could soon have to decide how to deal with Metro if it fails to meet a year-end deadline for raising bail-inable debt. Tyler Davies reports.
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Steven Maijoor, chair of the European Securities and Markets Authority, has pointed to challenges on the path to reform of euro risk free rates, and highlighted fallbacks as his organisation’s most important next hurdle.
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The ABS market is divided into camps over the necessity for a third level of NPL compliance, with participants coming out for and against more disclosure at a panel in True Sale International’s 2019 Conference in Berlin.
